The Nexus 5 release date is believed to be set for October 2013, and that news has seemingly been confirmed by a sudden huge price drop for the Nexus 4, as Google looks to flog the older device on sale ahead of the new next generation Nexus.

Google has dropped the price on the Google Nexus 4 by $100 on the Google Play Store, which means the Nexus 4 is now $199, while the 16GB version is available for $249.

Google has confirmed that any customers purchased a Nexus 4 within the last 15 days, they can submit a request for a price protection refund to get the $100 back.

The Nexus 5 release date seems imminent, according to most analysts, as Google is clearly attempting to clean up its stock of Nexus 4 before the release of a new device.

As well as the sudden price drop of the Nexus 4, there have also been other clear hints that the Nexus 5 will be coming out in the coming month or two.

Experts and a number of insiders such as Taylor Wimberly have also already indicated that October is the release date; backing up the indications from Nexus 4 price drop.

Another indication is that Google's operating system is celebrating its fifth anniversary this year. Many believe that Google will be looking to commemorate the event with new hardware.

Nexus 5 specs have also been touted, with most expecting the device to have a Qualcomm Snapdragon 800 processor rather than 600, like the ones found on the LG G2, Sony Xperia Z1 'Honami' and Samsung Galaxy Note 3.

In other specs, the Nexus 5 is expected to have similar features that are already on the new Nexus 7. It will likely release with Android 5.0 "Key Lime Pie," a 5.2-inch full HD screen display, quad core Snapdragon 800 processor with 2.3 GHz, 3GB RAM, 16MP rear camera with OmniVision sensor and 2.1MP front camera with 3300 mAh battery.

The Nexus 5 may have LTE connectivity, 16GB, 32GB, and 64GB storage options, no micro SD, and be able to carry on AT&T, T-Mobile, and Verizon. The Verizon variant may only be the one able to carry LTE capability.

In terms of price, the Nexus 5 may be $30 more expensive that the Nexus 4: $329.99 for the 8GB and $379.99 in 16GB and 32GB variant.